Prepare Cash Budget For $3$ Months

Alpha Corporation expects the following cash receipts and disbursements during the first quarter of the year. $($Receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January $1.)$

The expected cash balance at January $1$ is $$42,000.$ Alpha Corporation wants to maintain a cash balance at the end of each month of at least $$40,000.$ Short$-$term borrowings at $1\%$ interest per month will be used to accomplish this, if necessary. Borrowings $($in multiples of $$1,000)$ will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March $31.$

$$Note: Do not use negative signs with you answers.